At BD's "Wall Street Smarts" conference June 7 in New York City, company executives, investment bankers, analysts and lawyer analyze industry. 1) Cadbury Schweppes finance director global beverages John Wartig observes re Coke-Cadbury deal problems: "We had researched (it) substantially ... The regulatory process in Europe has really surprised us." Asked if Cadbury contemplates selling western Europe business to Pepsi or others following removal from deal with Coke, Wartig says: "We intend to run it as an independent business." Triarc. Executive vp corporate development Eric Kogan: "We're known as people unafraid to take a bold leap into a turnaround situation." Compares Snapple to sinking Titanic at Quaker Oats, then raised by Triarc. Says Royal Crown important to Triarc, "because of its cash flow." Glover. Glover Capital president Marion Glover notes US Coke bottlers sell for $15-20 per physical case, US Pepsi bottlers $12-20 per case and international Coke bottlers $4-12 depending on region and market share.

M&A. Panelists: Bob Cotter of Salomon Smith Barney and Leon Kalvaria of Schroder & Co. 1) Cotter on Cadbury: "I have no reason to believe that they are getting out of the domestic beverage business." Re 3rd-tier bottler consolidation: "Independent bottling system is a very viable business, (but) it's not viable as a fragmented business." On Coke-Cadbury deal: "You make a mistake if don't recognize (political climate in Europe). KO got painted to an extent as the ugly American." 2) Kalvaria on future deals: "What we've seen in the beverage sector so far is potentially small potatoes." Re future deals, suggests companies like Nestle and Unilever may no longer be "scared" of taking on Coke. On PBG's IPO: "PBG is a phenomenal company ... In the IPO world (of) today, if you have assets, cash flow and a real business, you're in trouble." On consolidation: "Nobody yet understands what the long-term impact of retailer consolidation will be." On future of Cadbury's European business, "Pepsi will certainly take a look at it."

The law. Skadden, Arps, Meagher & From partner Peter Greene notes: "Eight to 10 years ago, the soda industry was clearly on the FTC's radar screen ... but that has changed over time." Says FTC most concerned about "issues regarding access to the marketplace." Says exclusive retailer deals "big issue (because) this touches on ... access to the market." Adds: "It doesn't mean it's anti-competitive, but it does raise the issue."

Analysts. Three panels: 1) bottlers: Mike Branca of Lehman Brothers, Bill Pecoriello of Sanford Bernstein and Scott Wilkins of Deutsche Bank. 2) franchise companies: Andrew Conway of Morgan Stanley, David Lang of London-based Henderson Crosthwaite and Caroline Levy of Schroder & Co. 3) future of industry: Marc Cohen of Goldman Sachs, Manny Goldman of Merrill Lynch and Jennifer Solomon of Salomon Smith Barney.

Bottler panel: 1) Branca re Whitman: "We like the stock, particularly since a lot of folks don't." On PBG: "Having PBG as a public company does a lot for the entire bottling system." 2) Pecoriello: "If you look at CCE, what you see is depth of management ... This is something PBG has to put in place." Re Coke's support for CCE: "We understand the accounting structures between the two, and we don't have a problem." 3) Wilkins: "Long term, the big US bottlers are probably a good place to invest." Re CCE management: "How do you fill the shoes of Henry Schimberg?"

Franchisors. 1) Conway says Coke CEO Doug Ivester "is a very hands-on operating executive." Sees no need now for "another layer of management." On Pepsi One, says "way too early (to discuss cannibalization) ... It's an innovative brand with a very good taste." 2) Lang on Cadbury: "Strategically, they're in good shape." Adds in past, "outside US, the volume performance on most of their brands (has) been abysmal." On management: "(CEO) John Sunderland is the best thing that's happened to Cadbury for the past 10 years." 3) Levy on PepsiCo: "I'm not so sure (1997) was a good time to spin off the restaurants." Re Coke: "Coke's biggest challenge right now is not the global marketplace .. Domestically, Pepsi has really woken up and will be a tough competitor."

Future. 1) Cohen on PepsiCo: "PepsiCo will make a big push internationally, with Frito-Lay first." On stock performance: "Over a three-year period, you'll probably do better in the beverage companies (than in index funds)." 2) Goldman on Pepsi international: "Half of life is being there. The other half is how much you spend there." On Coke and Pepsi management: "Neither Coke nor Pepsi has a clear #2. I happen to think ... you need a #2, because the world is a strange place." 3) Solomon re Pepsi: "In targeting fountain, they win either way, (because) they either get the business or cost Coke more money." On CCE succession: "I'm not sure that 'without Henry' is as close as we think it is."

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